Moving from Employee to Business Owner
You may have heard that you should start your business before you quit your job, however, doing both things at the same time can be a huge challenge.
Even if you have the ability to put in hours on the job and in your business, eventually you will have to make the transition into being a full-time entrepreneur if you want your business to grow.
Getting that regular paycheck can be very reassuring and give you a feeling of security that will be hard to give up. Having a plan will keep you on track.
1. Pick a date for when you’d like to move into running your business full-time. Set a date that feels comfortable for you.
2. Look at your finances. Do you need a certain amount of money for starting your business? Will you be covered once your regular salary is no longer coming in?
3. Start eliminating debt if you can. You may need to incur debt to invest in your business, so get rid of as much as you can while you still have a regular salary.
4. Keep your family in the know about your plans. It’s best to discuss any concerns now. Don’t wait until you’ve left your job and then have to deal with issues around your decision.
5. Once you are responsible for creating your own income, it won’t be the same as living with a paycheck coming in on a regular (and predictable) schedule. There will be fluctuations in your income. Figure out what money you’ll need in order to provide for your business and living expenses.
6. If you’re working from a home office, being a full-time entrepreneur may mean you’ll be spending a lot of time alone. Start networking and connecting with other entrepreneurs so that you can build a support system before you go out on your own.
7. Create your vision for what you want to accomplish. If you have limiting beliefs they will impact your business success. Need help as you make this transition? Consider getting a business or life coach to support you. All successful people have coaches and/or mentors; they are a critical part of an entrepreneur’s “power team.”
Starting a business takes courage and vision. By becoming a business owner, you are stepping out of the mainstream and stepping into a way of life with limitless potential. When planning this major career transition, give yourself time to plan it properly so that you can insure your business success.
Copyright © 2016 Deborah A. Bailey
Deborah A. Bailey is a writer, coach, blogger and author of several non-fiction books, novels and a short story collection. She's the creator and host of Women Entrepreneurs Radio™ , a weekly internet talk show. For more information about Deborah and her books visit her Soul of an Entrepreneur blog: http://dbaileycoach.com and her site: http://DeborahABailey.com.
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